FxWirePro: USD/CNY trades in narrow range, further sideways movement likely

• USD/CNY is currently trading around 7.0028 marks.
   
• It made intraday high at 7.0069 and low at 6.9960 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 7.0207 mark.
   
• A sustained close above 7.0207 marks will test key resistances at 7.0388, 7.07 and 7.0920 marks respectively.
   
• Alternatively, a daily close below 6.9978 will drag the parity down towards key supports at 6.9550, 6.9210, 6.90, 6.8658, 6.84 and 6.8222 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take long position on USD/CNY around 7.00, stop loss at 6.9850 and target of 7.0388/7.05.